This form is a contract for a lease and a manadatory purchase of real estate. Seller demises and leases to purchaser and purchaser takes and rents from seller certain real property described in the form. Purchaser agrees not to use or permit the use of the property for an illegal purpose. An auction, fire or going out of business or bankruptcy sale, may not be conducted in the property without prior written consent of the seller.
A Chicago Illinois Contract for the Lease and Mandatory Purchase of Real Estate with a specific performance clause is a legally binding agreement that outlines the terms and conditions for leasing a property with an obligatory future purchase obligation. This contract is applicable in Chicago, Illinois and serves to protect both the lessor and lessee's rights and interests. The specific performance clause is a crucial component of this contract, ensuring that both parties fulfill their obligations outlined within the agreement. Specifically, this clause holds that if either the lessor or lessee fails to uphold their end of the agreement, the injured party can seek a court-ordered performance to enforce the agreed-upon terms. Different types of Chicago Illinois Contract for the Lease and Mandatory Purchase of Real Estate — Specific performance clause may include: 1. Residential Lease with Mandatory Purchase Agreement: This type of contract is commonly used when a homeowner wishes to lease their property to potential buyers with an intention to purchase in the future. It establishes the lease terms and outlines the mandatory purchase price, the length of the lease period, and other relevant details specific to residential properties. 2. Commercial Lease with Mandatory Purchase Agreement: This type of contract is designed for commercial real estate properties, such as office spaces, retail stores, or warehouses. It lays out the terms for leasing the property while also obligating the lessee to purchase the property at a specified time or under specific conditions. This agreement may include provisions related to business operations, maintenance responsibilities, and any necessary zoning permits. 3. Land Lease with Mandatory Purchase Agreement: This type of contract pertains to the leasing of vacant land with the mandatory purchase requirement. It may involve agricultural land, undeveloped plots, or lots intended for future construction. The agreement may address terms related to land use, environmental responsibilities, zoning compliance, and other specific considerations relevant to the property's purpose. Regardless of the specific type, each Chicago Illinois Contract for the Lease and Mandatory Purchase of Real Estate with a specific performance clause should include key elements such as the names and contact details of both parties, the property description, the lease duration, lease payment terms, the purchase price, and any conditions for the mandatory purchase. Additionally, provisions regarding default and remedies, dispute resolution methods, and any other relevant terms specific to the property or situation should also be included to ensure a comprehensive and enforceable agreement.A Chicago Illinois Contract for the Lease and Mandatory Purchase of Real Estate with a specific performance clause is a legally binding agreement that outlines the terms and conditions for leasing a property with an obligatory future purchase obligation. This contract is applicable in Chicago, Illinois and serves to protect both the lessor and lessee's rights and interests. The specific performance clause is a crucial component of this contract, ensuring that both parties fulfill their obligations outlined within the agreement. Specifically, this clause holds that if either the lessor or lessee fails to uphold their end of the agreement, the injured party can seek a court-ordered performance to enforce the agreed-upon terms. Different types of Chicago Illinois Contract for the Lease and Mandatory Purchase of Real Estate — Specific performance clause may include: 1. Residential Lease with Mandatory Purchase Agreement: This type of contract is commonly used when a homeowner wishes to lease their property to potential buyers with an intention to purchase in the future. It establishes the lease terms and outlines the mandatory purchase price, the length of the lease period, and other relevant details specific to residential properties. 2. Commercial Lease with Mandatory Purchase Agreement: This type of contract is designed for commercial real estate properties, such as office spaces, retail stores, or warehouses. It lays out the terms for leasing the property while also obligating the lessee to purchase the property at a specified time or under specific conditions. This agreement may include provisions related to business operations, maintenance responsibilities, and any necessary zoning permits. 3. Land Lease with Mandatory Purchase Agreement: This type of contract pertains to the leasing of vacant land with the mandatory purchase requirement. It may involve agricultural land, undeveloped plots, or lots intended for future construction. The agreement may address terms related to land use, environmental responsibilities, zoning compliance, and other specific considerations relevant to the property's purpose. Regardless of the specific type, each Chicago Illinois Contract for the Lease and Mandatory Purchase of Real Estate with a specific performance clause should include key elements such as the names and contact details of both parties, the property description, the lease duration, lease payment terms, the purchase price, and any conditions for the mandatory purchase. Additionally, provisions regarding default and remedies, dispute resolution methods, and any other relevant terms specific to the property or situation should also be included to ensure a comprehensive and enforceable agreement.
